Offering sells 4.42 million common shares at $0.25 each with warrants
By Devika Patel
Knoxville, Tenn., Aug. 6 - Arista Power, Inc. reported that the warrants sold in its $1.11 million private placement of stock will expire in five years, not 10 years as previously reported, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal settled on July 31 and was announced on Aug. 2.
The company sold 4.42 million common shares at $0.25 per share. The price per share is a 37.5% discount to the $0.40 closing share price on July 30.
Investors also received warrants for 2.21 million shares. Each warrant is exercisable at $0.30. The strike price is a 25% discount to the July 30 closing share price.
Arista, based in Rochester, N.Y., is a renewable power company.
| Issuer: | Arista Power, Inc.
|
| Issue: | Common stock
|
| Amount: | $1,105,000
|
| Shares: | 4.42 million
|
| Price: | $0.25
|
| Warrants: | For 2.21 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Announcement date: | Aug. 2
|
| Settlement date: | July 31
|
| Stock symbol: | OTCBB: ASPW
|
| Stock price: | $0.40 at close July 30
|
| Market capitalization: | $4.74 million
|
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